Accounting standard 2
This query is : Resolved
prashant tawade
(Querist)
12 April 2013
Hi.,
I would like to know .. Is it Physical Stock Verification Audit is it Part of Accounting Standard 2 in Public Limited Company, If Management is Following All the norm & Application.
Kindly verify.
regards in Advance,
Prashant
I would like to know .. Is it Physical Stock Verification Audit is it Part of Accounting Standard 2 in Public Limited Company, If Management is Following All the norm & Application.
Kindly verify.
regards in Advance,
Prashant
CA Sourabh Agarwal
(Expert)
12 April 2013
Accounting Standards never prescribes for Auditing.
10 July 2013
If you are asking for accounting and auditing purpose both then yes. Closing stock valuation method has to be stated in the audit report and that is to be certified by the management if physical stock is not physically verified by the auditor.
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